kuala lumpur: Kerjaya Prospek Group Bhd posted a net profit of MYR 31.57 million for the second quarter ended 30 June 2023 (Q2 2023) compared with MYR 28.54 million in the same period last year due to an increase in progress claims. increased by 10.65%. Supported by improved construction work.
Sales increased by 11.69% to RM309.28 million compared to RM276.92 million in the same period last year.
Six-month net profit increased by 6.25% from RM57.4 million to RM60.98 million. Revenue increased by 5.02% to RM606.52 million from RM577.51 million mainly due to an increase in progress claims due to improved progress in construction activities.
During the same period, the Group’s construction sector remained the main revenue contributor with 99.8% and this trend is expected to continue.
The company has announced a second interim single-layer dividend of ¥0.2 per share for the fiscal year ending December 31, 2023, to be paid on October 6, 2023. This brings the total dividend announced so far this fiscal year to 4 cents per share. share.
CEO and Executive Director Tee Eng Tiong said the Group’s financial performance has improved pre-pandemic due to continued revenue recognition from the construction sector, following the full resumption of construction site activities and an increase in the workforce due to the influx of foreign workers. It is said that it is gradually returning to the level of .
He said the group has secured contracts worth a total of 983.8 million ringgit so far this year, including a contract from BCM Holdings for construction work related to a proposed housing development project in Kuala Lumpur. It also included a contract worth RM404.4 million, he added.
“We are now very close to reaching our goal of winning RM1.2 billion worth of contracts this year and will continue to work towards achieving that goal. We have received two contracts from Bhd and are gradually expanding to infrastructure projects, with a cumulative contract value of RM46 million.
“These contract wins essentially demonstrate the industry’s confidence in Kerjaya’s execution strength, expertise and track record. ‘he said.
He added that the group is positive about Malaysia achieving political stability and attracting more foreign direct investment (FDI) as a result of recent state elections.
“Therefore, the increase in FDI could lead to more employment opportunities in the construction industry for Kerjaya Prospek in the near future,” he said.
Kerjaya Prospek plans to launch a new development project, Yakinland Development, in the second half of 2023.
As at 30 June 2023, the Group’s balance sheet remained strong with net cash of RM203.7 million and a fourfold liquidity ratio.